LAS VEGAS--(BUSINESS WIRE)--Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) today announced unaudited financial results for the second fiscal quarter ended December 31, 2024. Net income was $104.7 million and diluted earnings per share (“EPS”) was $1.80 for the quarter ended December 31, 2024. Net income for the quarter ended December 31, 2023 was $151.8 million and diluted EPS was $2.62, which included a $92.4 million one-time gain associated with the FDIC Loan Purchase during that quarter. Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures described further below, increased $13.4 million to $105.8 million and increased $0.22 to $1.82, respectively, for the quarter ended December 31, 2024, compared to $92.5 million and $1.60, respectively, for the quarter ended December 31, 2023.
“Excluding the one-time gain and the provision for credit losses associated with the FDIC Loan Purchase in the prior year quarter, net income and diluted EPS increased by 15.7% and 15.1%, respectively. We generated loan growth across certain commercial and industrial lending categories, single family warehouse and auto,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Net interest margin of 4.83% in the quarter ended December 31, 2024 was well above our target. We reduced our interest-bearing deposit costs by 51 basis points from the linked quarter while maintaining our ending deposit balances flat. Strong expense management contributed to diluted EPS of $1.80.”
Second Quarter Fiscal 2025 Financial Summary
| Category | 2024 | 2023 | % Change |
|---|---|---|---|
| Net interest income | $280,099 | $228,606 | 22.5% |
| Non-interest income | $27,799 | $124,129 | (77.6%) |
| Net income | $104,687 | $151,771 | (31.0%) |
| Diluted EPS | $1.80 | $2.62 | (31.3%) |
Balance Sheet Summary
Axos’ total assets increased by $0.9 billion, or 3.7%, to $23.7 billion, at December 31, 2024, from $22.9 billion at June 30, 2024, primarily due to an increase in cash and cash equivalents and loans.
Conference Call
A conference call and webcast will be held on Tuesday, January 28, 2025, at 5:00 PM Eastern / 2:00 PM Pacific. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial: 877-407-8293. The conference call will be webcast live, and both the webcast and the earnings supplement may be accessed at Axos’ website, investors.axosfinancial.com. For those unable to listen to the live broadcast, a replay will be available until February 28, 2025, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13750720.
About Axos Financial, Inc. and Subsidiaries
Axos Financial, Inc., with approximately $23.7 billion in consolidated assets as of December 31, 2024, is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners.